Proactive Investors - Barrick Gold (NYSE:GOLD) Corp announced on Tuesday a sequential increase in its gold and copper production for the fourth quarter of 2023.
The big Canadian miner's total preliminary output is expected to be 1.05 million ounces of gold and 113 million pounds of copper in the three months ending December 31, up from 1.04 million ounces of gold and 112 million pounds of copper in 3Q.
Barrick also noted it expects its all-in sustaining costs (AISC) per ounce of gold to rise about 8% to 10% from the previous quarter, while the company’s AISC for copper production is anticipated to be 2% to 4% lower, largely due to lower capitalized waste stripping at its Lumwana mine in Zambia.
The company added that the average market price for gold in 4Q was $1,971 per ounce and the average market price for copper was $3.70 per pound.
Meanwhile, preliminary gold production for the full year of 4.05 million ounces and copper output of 420 million pounds is expected to be in line with company forecasts.
Barrick Gold will report its 4Q and full year results on February 14, 2024.
NYSD-listed shares of Barrick Gold slipped about 2% in pre-market trading on Tuesday.